Now hodling: Bitcoin whales

Large BTC holders haven’t been selling or moving their coins lately, says a report. That’s a good thing. Bitcoin Whales Hodling

RIGA, Latvia—Bitcoin Whales Hodling on to their coins, crypto hedge fund manager Murad Mahmudov told the audience this weekend at Baltic Honeybadger, a Bitcoin conference.

Azerbaijan-based Mahmudov, a former analyst at Goldman Sachs and one of the most respected crypto researchers in the industry, referred to analytics by a crypto hedge fund, Adaptive Capital, where he is head of investment.

“We have noticed that large bitcoin holders aren’t selling or aren’t moving their coins in the last couple of months,” said Mahmudov. ‘“Yes, price may go higher or lower, in the short term, but we remain very bullish in the medium term as well,” he added.

The research was just one of more than 50 “positive catalysts” for bitcoin’s advancement that Mahmudov claimed to have identified, and which he shared with the audience.

They included: a steady reduction in bitcoin volatility; deteriorating trust in institutions such as government and banks; attempts to ban the use of cash; increasing global debt and wealth inequality; the growing strength and development of the Bitcoin network and infrastructure; increasing Internet and smartphone penetration, and even the growth in bitcoin memes.